BusinessWeek Mindanao (November 18, 2016)

BusinessWeek MINDANAO CREDIBLE

Volume VII, No. 074

Market Indicators

As of 6:12 pm November 17, 2016 (thursday)

FOREX

PHISIX

US$1 = P49.419

7,050.12

20.0 cents

X

83.84 points

X

Briefly

Farmers’ aids BUTUAN City — Forty-five farmers here are relieved after waiting for their income from their land in the form of economic benefits, which should have been given to them seven years ago.

The economic benefits consisted of lease rentals from their lands and profits earned from enterprises operated by the cooperatives.

During the Agrarian Reform Beneficiaries’ (ARBs) Congress, Agrarian Reform Secretary Mariano awarded 45 farmermembers of the NGEI MultiPurpose Cooperative their economic benefit amounting to a total of P1.98 million.

Mariano said the seven-year delay was due to problems in revalidating original agrarianreform beneficiaries (ARBs) in 1988 and those who became members after 1988.

Rural devt program MORE than 13,000 CARAGA farmers are expected to benefit as the Department of Agrarian Reform (DAR) launched recently, a rural-development project.

Dubbed as the Convergence on Value-Chain Enhancement for Rural Growth and Empowerment (ConVERGE), the International Fund for Agricultural Development (Ifad) provided funds for the project.

Launched during the Agrarian Reform Beneficiairies’ Congress, DAR Secretary Rafael Mariano said ConVERGE would assist farmers planting abaca in Agusan del Norte, rice in Agusan del Sur, coconuts in Surigao del Norte and coffee in Surigao del Sur.

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ERC gives green light to M’danao’s biggest plant www.businessweekmindanao.com

Friday | November 18, 2016

T

By MARK D. FRANCISCO, Staff Writer

HE Energy Regulatory Commission (ERC) has granted the newly opened FDC Misamis Power Corp. in Misamis Oriental its certificate of compliance (CoC) that would pave the way for Mindanao’s biggest baseload plant to start commercial operations.

In a company statement yesterday, FDC Misamis president and chief executive officer Mario R. Pangilinan s aid t he 405-megawatt capacity of the company’s newest plant located at Phividec Industrial Estate

in Villanueva, Misamis Oriental would eventually boost Mindanao’s depleting reserves.

“Our plant will finally put an end to the recurring power crisis that has plagued the PLant/PAGE 7

FDC MISAMIS POWER CORP. The biggest baseload power producer in Mindanao is now cleared for commercial operation.

New Zealand pledges US$3M for peace efforts in Mindanao

By ANTONIO L. COLINA IV, MindaNews

NEW Zealand has vowed to donate US$3million over the next three years to support the peace efforts in conflict-affected areas in Mindanao.

David Strachan, New Zealand ambassador to the

Philippines, told a press conference on Wednesday evening at the Marco Polo Hotel here that they want to be involved in providing sustainable livelihood for the combatants and affected families.

He s a i d t h e y w e r e encouraged to help after seeing tremendous development in the peace efforts of the new administration.

“I think, with the peace process taking shape now, it seems a good time to do pledges/PAGE 7

FISHING. Mother and son go fishing in the shallow river in the mountains of Manticao, Misamis Oriental. MindaNews photo by Bobby Timonera

Transition up from bottoms-up scheme Agri dept earmarks 37,000-ha to assistance for disadvantaged LGUs in Normin for organic farming

By MARK D. FRANCISCO, Staff Writer

THE regional offices of the Department of Interior and Local Government (DILG) in Northern Mindanao and

Main Store: Prawn House Suites and Restaurant Regatta Square, Pueblo de Oro, Cagayan de Oro City Contact Numbers: 0915-959-4837 (Mobile) & 851-9014 (Landline)

Zamboanga are preparing to transition local government units (LGUs) from a bottomsup budgeting approach

First Branch: Prawn House Seafood’s and Restaurant Opol, Misamis Oriental Contact Number at 0975-381-4929 (Mobile)

to the new Assistance to Disadvantaged Municipalities program.

There is a similarity in both approaches though – the scheme/PAGE 7

By MARK D. FRANCISCO, Staff Writer

A TOTAL of 37,345 hectares in Northern Mindanao is e ar marke d for org ani c agriculture in line with the

Second Branch: Prawn House Seafood’s and Restaurant Centrio - Ayala Mall, CM Recto Avenue, Cagayan de Oro City Contact Numbers at 0917-367-0337 (Mobile) & (088) 323-6225 (Landline)

National Organic Agriculture P r o g r a m ( N OA P ) , a n agriculture official said farming/PAGE 7

Third Branch: Prawn House Seafood’s and Restaurant Sayre Highway, Hagkol, Valencia City, Bukidon Contact Number at 0995-672-0181

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Economy MisOr govt unveils DND pushes for P650M veterans’ Christmas decors hospital in Northern Mindanao at De Lara Park CHRISTMAS lighting ceremony comes early in Misamis Oriental as the prov i nc i a l gove r n me nt spearheaded the ceremonial lighting of De Lara Park, which is near the Provincial Capitol, evening of November 15.

This event signals the st ar t of t he C h r ist mas Season in the province.

“The Christmas lights always remind us of the hope and beauty of the season of gift-giving and the sharing of the little things that we have for our loved ones and the less fortunate,” Governor Yevgeny Vincente Emano said.

He said that the lighting

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friday|november 18, 2016

of the De La Park here during the onset of the Christmas season has become the tradition of the provincial government to remind everyone of the birth of Jesus.

“As Christians, we were always happy to extend the good tidings of the C hr ist mas spir it to a l l men of goodwill around the world,” the Misamis Oriental governor said.

Emano has expressed optimism that the celebration of Christmas this year would provide an opportune time for the province and its people to enjoy peace and progress in the coming years. (PIO)

By ELAINE O. RATUNIL, Contributor

VETERANS in Northern Mindanao and neighboring regions will soon benefit from the establishment of veterans’ hospital to be built at the PHIVIDEC Industrial Authority (PIA) Estate in Misamis Oriental-Special Economic Zone.

In his message during the Veterans Event 2016 held in Cagayan de Oro, Defense Secretary Delfin N. Lorenzana said its department has included in its 2017 budget for the construction of a 250-bed hospital at the PHIVIDEC which will primarily caters to veterans and retirees of the Armed

Forces of the Philippines (AFP) residing in Northern Mindanao including those in Southern Mindanao, Central Mindanao and Southern Visayas.

However, Sec. Lorenzana said, the Department of Budget and Management (DBM) has not included this in 2017 but still they have included it in the proposed 2017 budget and submitted to the Congress’ Committee on Appropr i at i ons for consideration.

PHIVIDEC Board has approved in 2014 the donation of a five-hectare parcel of land for the establishment and construction of veterans’ medical center.

Lorenzana likewise

reported DND-PVAO with the Veterans Memorial Medical Center (VMMC) initiatives in improving the lives of the veterans for their welfare and well-being.

According to him, DND, Philippine Veterans Affairs Office (PVAO) and the Department of Health have forged an agreement in 2014 to revitalize the Veterans Hospitalization and Medical Care Program (VHMCP) to benefit half a million beneficiaries nationwide.

“The agreement aims to improve your access to quality healthcare, including your qualified dependents, especially majority of you reside in the provinces,” said Lorenzana.

He also said the VHMCP is DND’s initiative that leads

to ‘no veteran should pay for their own medicines adding that “Dili mo magkuha sa inyo bulsa bayaran na sa gobyerno (You don’t have to pay with your own pocket.

The government will pay it.”

“The VHMCP is seen as immediate and temporary solution to concerns of veterans and their families.

‘Kay sa ato pa kung naa ka sa probinsiya ang atong usa ka problema nga…ang para sa’ (if you reside in the province one of your problems is on) medical attention. So ‘kini gitukod sa’ (this was conceptualized by) DND with the PVAO and VMMC so that ‘kamo dili na malisdan’ (so you would not have a hard time) especially those who are residing in the provinces hospital/PAGE 9

Open education

By Dr. LEONOR D. CAGALAWAN Jr. Principal I Rosario National High School

RPN Radyo Ronda Stations Nationwide

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CNN Philippines TV-8 Bacolod CNN Philippines TV-9 Cebu CNN Philippines TV-5 Cag. de Oro CNN Philippines TV-5 Zamboanga CNN Philippines TV-7 GenSan CNN Philippines TV-9 Davao

DZBS 1368 Baguio DZRL 639 Batac DZTG 621 Tuguegarao DZKI 1332 Iriga DYKW 936 Binalbagan DYKB 1404 Bacolod DYKC 675 Cebu DXKO 1368 Cagayan de Oro DXKS 1080 Surigao DXKD 1053 Dipolog DXKP 1377 Pagadian DXXX 1008 Zamboanga DXKT 1071 Davao DXDX 693 General Santos

AS open online education proliferates in our society, it is natural for attention to focus on matters of economic sustainability.

The path to cover the costs of open education will surely go through online courses that focus on career building and job skills. The fees that students pay for alternative credentials in these programs represent the surest path to cost re cover y for b ot h t he schools creating these courses and programs.

Open education is a collective term to describe institutional practices and programmatic initiatives that broaden access to the learning and training traditionally offered through formal education systems.

One aspect of openness in or opening up education is the development and adoption of open educational resources.

O p e n e du c at i on i s motivated by a belief that learners desire to exercise agency in their studies.

Specifically, people engaged

in the learning process want to conduct inquiries about potential topics of study, to have a hands-on educational experience instead of a strictly textbookfocused education, to take responsibility for their educational decisions, to experience the emotional a n d p hy s i c a l s i d e o f education, to understand how education and community are related and to have personal choice in the focus of their classroom studies.

CAGAYAN DE ORO MAIN BRANCH P & J Lim Bldg., Tiano Brothers Kalambagohan Sts., Tel. # (08822) 727-829 * Telefax # (088) 856-1947 CAMIGUIN BRANCH B. Aranas St., Poblacion, Mambajao, Camiguin Tel. # (088) 387-0491 CORRALES BRANCH Corrales Ave., Cagayan de Oro City DIVISORIA BRANCH Atty. Erasmo B. Damasing Bldg., #61 Don A. Velez St., Cagayan de Oro City Tel. # (088) 857-3631 LAPASAN BRANCH Lapasan Hi-way, Cagayan de Oro City Tel. # (088) 231-6739 CARMEN BRANCH Vamenta Blvd., Cagayan de Oro City Tel. # (088) 231-2011

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friday|november 18, 2016

Starmalls nets P1.1-B in 9 months

S

TA R M A L L S , In c . , the commercial arm o f Vi s t a L a n d & Lifescapes, Inc., booked a 53-percent in profit in the first three quarters of 2016 on the back of higher rental revenue.

Net income reached P1.1 billion in January to September from P700 million during the same period last year.

Rental revenues also surged by 71 percent to P3 billion from P1.7 billion.

“We remain optimistic with the retail industry’s

outlook for the rest of the year, as we continue to see sustained growth in the disposable income of Filipinos due to sound Philippine macroeconomic f u n d a m e n t a l s ,” s a i d Chairman Manuel B. Villar Jr. “In addition, we will be taking advantage of the synergies that developed as a result of our integration into Vista Land,” he added.

As of Sept. 30, 2016, Starmalls already has 17 commercial assets in its portfolio and is still

continuing to expand its leasable space.

President Jerry Navarrete said the company is ramping up its expansion program and will deliver additional leasable space in the coming years, as they develop existing 46.9 hectares of commercial land bank.

Navarrete said it is also taking advantage of Vista Land’s over 600 hectares of land across the country that is suitable for commercial development.

“The company’s growth r at e w a s r api d a s t h e

SSS eyeing infra investments THE Social Security System (SSS) is looking at investing in infrastructure to boost its revenues and enable the fund to grant higher pensions and benefits for its growing membership and beneficiaries.

“This an opportunity for SSS memb ers, w ho c o mp r i s e t h e w o r k i n g class, to take part in the investment economy and experience owning a road development project, which would generate lifetime earnings,” Social Security C ommission C hair man Amado Valdez has said.

Valdez explained that individually, SSS members have financial limitations that prevent them from participating in investment activities.

“But through the pooled contributions of SSS members, we harness a powerful tool to empower them to become vital players in investing for road development projects, which has been largely dominated by large companies,” he said.

The SSS charter allows the agency to allot up to 30

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CorporateWorld

percent of its investment reserve fund for domestic infrastructure projects, such as roads, bridges, ports and telecommunications, so long as these come with a government guarantee and would prioritize SSS in the distribution of earnings.

“Beyond our primary aim of enhancing SSS revenues so that the fund can provide higher benefits, investing in infrastructure also has a multiplier effect, which can boost national economic growth. Having better roads in terms of quality and reach helps promote local tourism and commerce,” Valdez said.

SSS took its cue from a similar move by the Canada Pension Plan Investment Board and Ontario Teachers’ Pension Plan, two of the largest Canadian pension funds, which earlier this year partnered with a Mexican infrastructure company for a toll road development project in Mexico.

Valdez said SSS is open to a Public-Private Partnership (PPP) arrangement that fully complies with the requirements set by the

Social Security Act of 1997, a ls o known as t he SSS charter. The law provides strict guidelines to ensure the safety, liquidity and good yield of SSS investments. “ We p l a n t o m a k e it compu ls or y for PPP p ro p o n e nt s t o re s e r v e for SSS the right of first refusal to 25 percent equity participation,” he added.

SSS is pushing for charter amendments, such as the reassessment of investment ceiling limits to allow more flexibility and enable SSS to be more responsive to the current market landscape as compared to two decades ago when the Social Security Law was enacted.

“Finding more ways to further improve SSS financial viability and giving more meaningful benefits are among the reforms we plan to pursue under the current administration.

Generating revenues from innovative investments is one of the options we intend to take towards achieving these goals, especially that the challenge to improve sss/PAGE 9

Department of National Defense (DND), Philippine Veterans Affairs Office (PVAO) and the Department of Health have forged an agreement in 2014 to revitalize the Veterans Hospitalization and Medical Care Program (VHMCP) to benefit half a million beneficiaries nationwide. In photo: Defense Secretary Delfin N. Lorenzana delivering his message during the Veterans Day with PHIVIDEC Industrial Authority spearheading. (RDM/PIA10)

additional commercial assets we opened during the year started contributing to our financial performance and added to the increased rental revenues from our existing malls brought about by favorable rental reversions and increased occupancy,” he added.

Starmalls is a major d e v e l o p e r, ow n e r a n d operator of retail malls that target mass market retail consumers in the Philippines.

It also develops and operates business process outsourcing commercial centers. (PNA)

PLDT bares new management appointments PLDT has announced the new management team that the company hopes will finally lead their turnaround strategy in line with their digital push.

“We disclose the leadership changes and appointments at PLDT in line with the company’s new mission of leading, inspiring and empowering Filipinos with customer-focused digital innovations, in creating a more aligned, cohesive and collaborative organization, as well as strengthening the management team and reinforcing it with global talent that will help propel its digital transformation pivot,” PLDT said in a disclosure to the stock exchange.

PLDT chair and CEO Manuel V. Pangilinan earlier said in a press conference the wholesale management revamp forms part of the company’s crucial digital pivot.

“We had a year to work out the many kinks and issues internally and we’ve also put to the board the management changes that are quite wholesale and will complete the management team at the start of 2017,” Pangilinan said.

Toppi n g t h e l i s t of appointments is Eric R. Alberto, executive vice pre s i d e nt and he a d of enterprise business, who will now also concurrently serve starting December.

1 as chief revenue officer, reporting directly to the CEO covering the home, wireless, enterprise, international, and ICT business across PLDT and Smart.

Alex O Caeg will move on from heading the international and carrier business of the company to lead the wireless consumer division sales and distribution of Smart starting Dec. 1.

Ray C. Espinosa, head of PLDT’s regulatory affairs, is appointed starting Dec. pldt/PAGE 9

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Opinion

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friday|november 18, 2016

The Dying Petrodollar Bubble: Brace for the Fall A Primer on Global Currency and Energy Geopolitics

(Part 1) Businessweek Mindanao Corporation Publisher DANTE M. SUDARIA President/CEO

ALLAN mario MEDIANTE

Vice President for Corporate Affairs

Joe felicilda

Vice President for Administration

joe palabao

Vice President for Marketing

NELSON CONSTANTINO Editor-in-Chief

Cheng ordoñez

gilbert y. chao

Executive Editor

Motoring Editor JOEL ESCOL

BONG FABE

Feature Editor

Associate Editor

CLIFFORD SANTILLAN Layout Artist

JUN AYENSA

sandra encoy

Regional Editor Caraga

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The Magic is in the Mix T hink a m i n u t e … A l itt l e b oy n ame d Mi ke was watching his mother bake a cake. She put all the ingredients on the table: flour, butter, sugar, baking powder, eggs, and vanilla.

Then when his mother wasn’t looking, little Mike sneaked a taste of each ingredient.

But they all tasted bad just by themselves! Then he watched his mother mix all the ingredients together, pour them into a pan and then into the oven to bake.

That night after Mike had enjoyed 2 big pieces of the cake, he said: “Wow! How can mixing all those BAD tasting things make such a GOOD cake?” His mother smiled and answered: “Son, the magic is in the mix!”

You see, sometimes bad things happen to us; and that thing by itself can be terrible and painful.

We might get discouraged and lose hope because we think it’s hurt or ruined our plans for a good life.

Maybe you didn’t get that job you really wanted; or your daughter dropp ed out of school because she became pregnant. It could be that someone in your family suddenly became very sick.

Natu r a l ly w h e n b a d

THINK

A Minute

Jhan Tiafau Hurst things like this happen to us, it’s very hard for us to imagine that anything good can possibly come out of it. We might continue to blame ourselves or others for causing these bad things to happen. For example, we might keep making our pregnant daughter feel that she’s a failure and loser because that mistake she made has now ruined her life. But friend, if a person is a failure just because they failed, then we’re all failures! We’ve all failed at one time or another. That’s exactly why Jesus Christ came: to forgive and free us from all our past failures and wrongs so we can have a fresh start. But this time we will have His strength and character living in us. hurst/PAGE 9

The air is rife with issues about Philippine foreign policy – and whether it pays to plot an independent track or not. There is also talk about “geopolitics” and “building relationships” with the East, specially China, Japan and Russia. It seems America feels some kind of threat, even sending an envoy – the Assistant Secretary of State for East Asian and Pacific Affairs, Daniel R. Russel.

But what really seriously threatens the United States of America on such a global scale today?

It seldom gets mentioned in mainstream press, but have you ever heard of the “petrodollar” system? What’s in it for you? What’s in it for our country? I bet these questions would put you in limbo. In fact, it’s been said that even in the US, less than 5% of its population know the real score.

Our planet’s financial system consists of multiple interdependent national economies existing under the umbrella of one big world economy – every buy-sell economic transaction occurs within this one global village.

A number of countries may create economic alliances and manage to exist as trading partners to one another.

However, due to differences in p erceive d “nat iona l interests” – in whatever way that may be defined, whether for the collective good of the world or not – these alliances often exist leaning on varying geopolitical and economic

backgrounds.

So what in the world is a petrodollar? To define it simply, it is the US dollar c u r r e n c y t h at a n o i l producing country has agreed to receive in exchange for selling its oil. A big part of it is then “recycled” back into Western banks and used to buy US treasury “investments.” But how did it all start?

To u n d e r s t a n d t h e petrodollar issue in the light of significant political events in the world today, especially that which concerns the perennial crisis in the Middle East, the controversial “separation” of foreign policy of Philippine president Rodrigo Duterte from the United States and the most recent US presidential elections, let us go through some brief lessons in global financial history.

1944: The Bretton Woods System Towards the final days of World War 2 in July 1944, a gathering of delegates from 44 Allied nations (one of which was the Philippines with a delegation led by Andres Soriano) was made at Mount Washington Hotel in Bretton Woods, New Hampshire.

Formally referred to as the United Nations Monetary and Financial Conference, it became more popularly known as the Bretton Woods Conference.

It was a meeting that was primarily meant to define and develop ideas for the postwar world financial o r d e r. It s c o n c l u s i o n eventually established the

International Monetary Fund (IMF) and the International Bank for Reconstruction and Development (IBRD), now known as the World Bank.

In this same post-war agreement, with most of the global economy decimated by the war and with the US being the world’s largest and most influential economy of the time having control over two thirds of the world’s gold, the US dollar was decided upon as the global reserve currency. It was pegged to gold at a price fixed to US$ 35 an ounce. All other currencies were convertible to the US dollar. The US was posed to become the new hegemon – a refreshing replacement to a war-torn Great Britain (which was deep in debt due to its war-funding efforts) and its British pound sterling, the previous global reserve currency.

1971: Abandoning Gold and the “Nixon Shock” This monetary system initially worked well for quite some time. By the 1960s however, cracks in the system began to emerge.

With increasing US debt (and “money printing” by the Federal Reserve countered by treasury bonds) to fund the Korean and Vietnam wars as well as the race for space and various domestic social programs, more of the “gold-backed” US dollars flooded the world’s banks and the US eventually started buckling up. With skepticism on the rise on whether the US could still back up its dollars with gold, President Richard Nixon shocked the

dr. adonis agcopra world when he temporarily stopped the convertibility of the US dollar to gold on August 15, 1971, devaluing it to a price of US$38 per ounce.

The burden to the US economy became more and more unbearable and with countries remaining wary of another devaluation, they began demanding the exchange of their US dollar holdings to real gold (notably France and Germany). This significantly shrunk the US gold reserves from a peak of more than 20,000 metric tons in the early 1950s to just a little more than 8,000 metric tons by 1971. With further devaluations of USD to gold, the US finally made good on the default of its promise to back its currency with gold, officially bringing to an end the already unsustainable Bretton Woods agreement.

Thereafter, global demand for the now fiat US dollar currency began to decline.

When the value of the US dollar was left to “float” – rising and falling with market demand – other currencies agcopra/PAGE 9

Morales violated Ombudsman law LIFE’S INSPIRATIONS: “…

It is time for you to act LORD, your law is being broken…”

(Proverbs 119:126, the Holy Bible).

-ooo PIMENTEL BLASTS OMBUDSMAN ON SENATOR’S OUSTER: Senate President Aquilino Pimentel III on Tuesday, November 15, 2016, joined critics in lambasting Ombudsman Conchita Carpio Morales over her decision to oust Sen. Joel Villanueva, saying neither Morales nor the Office of the Ombudsman have any disciplinary power over an incumbent member of Congress.

In an interview with the program “Tambalang Batas at Somintac” which airs Mondays-to-Fridays at Radyo Agila’s DZEC 1062 kHz and its sister stations nationwide and worldwide through Facebook Live, Pimentel clarified that this is because the Ombudsman Act of 1989, in its Section 21, provides that the Ombudsman is not the disciplining authority over members of Congress.

Pimentel told me and my co-host and partner, DZEC Malacanang reporter Ludovico Somintac, that he will allow Morales to correct her error since Villanueva, a first termer senator who run and was elected

under the Liberal Party of President Aquino, managed to already file a motion for Morales to reconsider her order against him.

-ooo MORALES VIOLATED THE OMBUDSMAN LAW: The question that presents itself for resolution here is, did not Morales know that, under the very law that created the Office of the Ombudsman, she has no power to suspend or remove any congressman or senator of the Republic?

I am sure that with her vast experience in the judiciary, which was capped by her stint at the Supreme Court, she knew, or ought to have known, the extent as well as the limits of her power as an Ombudsman. I am sure that she knows, or ought to have known, what Section 21 of the Ombudsman Act of 1989 is saying, so that there was no justification for her violating what is contained therein.

For those who have not read Section 21 yet, here is what it provides: “The Office of the Ombudsman shall have disciplinary authority over all elective and appointive officials of the government and its subdivisions, instrumentalities and agencies, including Members of the Cabinet, local government,

g ov e r n m e nt - ow n e d or controlled corporations and their subsidiaries, except over officials who may be removed only by impeachment or over Members of Congress, and the Judiciary.”

-ooo WHY DID MORALES INSIST ON OUSTING SENATOR? And that is not all there is to it. Morales should also know, or ought to have known, that she could not suspend or dismiss any official who was re-elected in his or her previous position, or elected in another position, when the acts that are being attributed to that official were committed prior to November 10, 2015, since this was the decision of the Supreme Court in a case that questioned her dismissal of then Makati City Mayor Junjun Binay.

Now, Morales must explain why she dared contravene the law which says she could not suspend or dismiss any member of Congress, and the Supreme Court decision in the case of Junjun Binay which said any official who is being sued for acts prior to November 10, 2015 could not be suspended or dismissed once he is re-elected, because he is considered to have been condoned by that re-election.

What Morales did in the

K akampi

Mo A ng Batas

Atty. Batas Mauricio case of Sen. Villanueva clearly constitutes betrayal of public trust, culpable violation of the Constitution, and even graft and corruption. I am sure she was fully aware of all of these when she decided to order the dismissal of the lawmaker.

Now, why did she insist on proceeding with violating the law and defying a court decision?

-ooo PLEASE LISTEN: “Ang Tanging Daan” (The Sole Way): a Bible study and prayer session online could now be heard, 24 HOURS a day, in the Philippines and the world at www.facebook. com/angtangingdaan or www. facebook.com/ANDKNK (and look for “Ang Tanging Daan” broadcasts). Phone: 0922 833 43 96, 0918 574 0193, 0977 805 9058. Email: batasmauricio@ yahoo.com.

Banking&Finance PHL economy likely grew slower at 6.8% in Q3: FMIC and UA&P

5

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friday|november 18, 2016

T

HE Philippine gross domestic product (GDP) likely expanded slower at 6.8 percent in the third quarter of the year as low inflation boosted spending power, according to economists of First Metro Investment C orp. (FMIC) and the University of the Asia and the Pacific (UA&P).

“Rapid growth in c apit a l g o o d s i mp or t s and FDIs (foreign direct investments), accelerating

government spending and robust consumer spending supported by sharply lower poverty rates and a jump in OFW (overseas Filipino workers) remittances combined to revise upward ou r fore c a s t of t h i rd quarter GDP expansion to 6.8 percent,” said The Market Call, a joint research publication of FMIC and UA&P. The economists said i nve st me nt - l e d g row t h remained as the dominant

feature of the economy’s st re ng t h , w h i l e st rong consumer spending provided solid support.

“From the production side, the lead will be a tossup between industry and ser vices —fueled by m anu f a c tu r i ng an d construction but pulled back by mining,” they said.

T h e e c o n o my g r e w 7 percent in the second quarter.

FMIC and UA&P said the economy was expected

to regain momentum in the fourth quarter with major public-private partnerships (PPPs) and infrastructure spending overcoming previous bottlenecks. “ We s h o u l d e x p e c t exports (to) start recovering in fourth quarter, but this will hardly be sufficient to avoid an overall decline for the year,” they said.

The government will announce the official thirdquarter GDP figures on Thursday.

High US Treasury yields continue to hurt Philippine peso, stocks THE sustained rise in US Treasury yields, due in part to expected faster inflation rate by 2017, continues to hurt both the Philippine peso and the Philippine Stock Exchange index (PSEi) Tuesday.

The local currency closed the day near its seven-anda-half-year-low of P49.17 from its fresh 7.5 year-low of P49.20 Monday.

A trader said the currency’s performance during the day was a bit weaker than its

counterparts in the region. “ The peso remained pressured by foreign selling in the equities market,” the trader said.

Data from the US Treasury showed that the price of the one-month paper rose

Finance firm targets to more than double SME client portfolio by 2017 GROWTH-finance company First Circle is targeting to more than double small and medium enterprises (SME) client portfolio by 2017 through the use of technology that provides them easy access to collateralfree loans to expand their businesses.

First Circle President and Chief Executive Officer Patrick Lynch, in an interview, said the firm currently had 200 SME clients, and targeted to reach over 400 next year.

Lynch said clients included those in small manufacturing, wholesale and distribution businesses, engaged in selling

of electronics or textile goods online, and exporting coconut products around the world.

“Our rates are higher than bank rates. (But) our products are much more flexible. Overall, we are l o ok i ng to f und e ver y business,” he noted.

Lynch said companies applying for loans should be located within Metro Manila, operating for at least three years, and must have clear and verifiable information about its trading history.

“Our goal is to reach a lot of SMEs in Metro Manila; then plan to expand,” he said.

Loan amount ranges from P100,000 to P5 million, he added.

“We realized that what we needed to do in order to empower small businesses was to reduce the amount of time it takes to open an account with us and also reduce the time it takes for them to avail of finance,” he noted.

What takes 14 hours an average to complete for manual applications to traditional institutions takes only two to three minutes with First Circle’s proprietybuilt secured system. client/PAGE 9

to 0.32 percent on Nov. 11, 2016 from 0.30 percent last Nov. 10.

Rate of the three-month paper went up to 0.55 from 0.48 percent during the same period; the six-month paper to 0.65 percent from 0.59 percent; the one-year paper to 0.77 percent from 0.72 percent; the two-year paper to one percent from 0.92 percent.

Price of the three-year paper climbed to 1.27 percent from 1.17 percent; the fiveyear to 1.66 percent from 1.56 percent; the seven-year to 2.01 percent from 1.92 percent; the 10-year to 2.23 percent from 2.15 percent; the 20-year to 2.65 percent from 2.58 percent; and the 30-year to 2.99 percent from 2.94 percent.

The peso opened the day at P49.13, a depreciation from the previous session’s P49.01.

It strengthened to P49.05 but was also pulled to P49.27, bringing the day’s average to P49.18. peso/PAGE 9

EastWest’s nine-month income up 78% E ast We s t B a n k i n g Corporation (EastWest) registered a 78% growth in net profits in the first nine months of the year to P2.33 billion, driven mainly by the increase in its loan portfolio.

Net interest income grew 24% year-on-year to P11.21 billion, while non-interest income, excluding trading went up by 42% mostly from fees and commissions related to its consumer lending and deposits businesses. Net revenues reached P15.70 billion, up 32%, underpinned by the 27% increase in core recurring earnings, which reached P14.59 billion.

“We believe the worst of the pain from the expansion program that started in 2012 that saw our branch stores grow from 168 to 443, assets from P96.0 billion to P268.78 billion, but kept

income flat at around P2.0 billion is behind us now.

We are starting to harvest the fruits of the expansion.

We expect income for the year to reach around P3.0 billion for at least a 50% improvement from last year. While we are yet to realize the full potential of our infrastructure and organization, we are happy to see the steady progress,” said EastWest President & CEO Tony Moncupa, Jr. Total assets reached P268.78 billion, up 26% year-on-year as the bank’s customer base and market share grew with the expansion of its store network. EastWest has 443 stores to date, almost triple its 168 consolidated nationwide network five years ago.

The bank’s consumer loan portfolio expanded 50% to P122.6 billion.

EastWest’s strong position in consumer loans is affirmed by the “Best Consumer Finance Product” award it recently received from The Asian Banker Philippine Country Awards 2016 for its innovative and versatile multi-purpose personal loans.

Deposits grew 30% to P216 billion, supported by a 31% growth in lowcost checking and savings deposits.

“We have a lot to look forward to as we further grow and diversify our income sources. We now have completed our product menu as our bancassurance, non-life insurance, and wealth management are in full operating mode, while leasing will be offered as well very soon,” said Moncupa.

The bank has just received regulatory approvals for its

new subsidiary, EastWest Leasing and Finance Corporation (EastWest Leasing), which is expected to contribute further to the bank’s growth.

The bank’s joint venture with Belgium-based Ageas Insurance, now branded ‘ Tr o o’, h a s b e g u n i t s bancassurance operations last April. EastWest also formed an insurance b r o k e r a g e , E a s t We s t Insurance Brokerage, Inc. Last May, EastWest Bank entered into an agreement with Standard Chartered Bank Philippines (SCB PH) to migrate to EastWest the retail banking business of SCB PH, which includes credit cards, personal loans, wealth management, and retail deposits. Migration of SCB accounts is ongoing and the transfer will be completed before the year ends.

OROBANKERS DIRECTORIES CAGAYAN DE ORO CITY

A PUBLIC SERVICE BY:

AMANAH/ISLAMIC BANK V. Neri Street Carmen, Cdoc 858988/8587965 / 722274

METRO BANK- COGON Osmeña Hayes St. Cdoc | 726438/8572057

ASIA UNITED BANK Cor.Camp Alagar Road Lapasan, Cdoc 729678 / 8568893

METRO BANK- CARMEN Max Suniel St. Carmen, Cdoc 8581722/ 8585162

BDO – VELEZ Velez-Rn Abejuela Street, Cdoc 2314246/8572075

METRO BANK- LAPASAN CM Recto Lapasan HW, Cdoc 724461/8561721

BDO – SM G/F SM City, Master Son’s Avenue Upper Carmen Cdoc | 8592623/8592637

METRO BANK- OSMEÑA Brgy Osmeña St. Cdoc | 722014 /8800924

BDO – XU XU Lib. Annex Corrales St. Cdoc 8574108 / 8573796

METRO BANK- CORRALES Corrales Avenue, Cdoc | 8572635/728731

BDO – CDO HAYES Trendline Bldg.,Hayes Street, 8568151/727405

METRO BANK- GAISANO 8561720

BDO – COGON Sky hi Bldg JR Borja St. Cogon, Cdoc 8577963/ 725209/ 725203 BDO – OSMEÑA Osmeña corner Ramon Chavez St. Cdoc 724567/8563727 BDO – LAPASAN Lapasan Highway Cdoc 8563233 /8563234 / 725178 BDO – RN- PELAEZ George Town CyberMall Rn Pelaez Blvd Kauswagan Cdoc | 8562617/729052 BDO – CARMEN Maxsuniel cor.V Neri St. Carmen, .Cdoc 8584854 /8581133 BANK OF COMMERCE- VELEZ Akut- Velez St.Cdoc | 8564371 / 726880 BANK OF COMMERCE- LAPASAN

CM Recto Ave. Lapasan, Cdoc, 8563991/727731

BPI FAMILY SAVINGS BANK RER kauswagan,HW Cdoc 8573733 /722519 BPI FAMILY SAVINGS BANK Gaston Park Cdoc | 8801518 BPI – LAPASAN Cm Recto HW Lapasan Cdoc 724076/ 8524602 BPI- VELEZ Velez-JR Borja St.Cdoc 8564213/722406 BPI – CAPISTRANO Capistrano St. Cdoc 8574264/8574263 BPI- COGON Osmeña St. Cdoc 8571297/8571298 CHINA BANK –GAISANO 745887/745880 CHINA BANK- JR BORJA JR Borja St. Cdoc 8572212/8573274 CHINA BANK- LAPASAN CM Recto Lapasan HW Cdoc 8561325 /722240 CHINA BANK – CARMEN Max Suniel, Cor. Yakal St. Cdoc 8583903/723091 CHINA BANK – DIVISORIA RN Abejuela St. Divosoria Cdoc 8575759/722641 CITY SAVINGS BANK TS Fashion Ave.Justo Ramonal Corner St.Cdoc 2316060/ 2316059 CHINATRUST Suite U&5 G/LGateway Tower Lapasan Lkk Cdoc 8521846/8521844 D’ASIAN HILLS BANK HW. Lapasan Cdoc | 8564201/ 8564201 D’ASIAN HILLS BANK Vamenta Carmen Sts. Cdoc | 8585366 DBP – CORRALES Corrales Ave., St. Cdoc | 8572087/722649 DBP – CAPISTRANO JR Borja Capistrano St. Cdoc 8567776/722819

PBCOM Tiano-HayesSt. Cdoc | 726519/8571558 PLANTERS DEVELOPMENT BANK

Tiano Bros St. Cdoc | 727083 /727082 PHILTRUST BANK Ramonal OsmeñaSt. CDO 8807234/2316694/2316695 PNB- CORRALES Corrales Avenue Cdoc | 729500 / 729723

PNB- LKK MALL NORTH CONCOURSE

LKK Mall N.Concourse Cdoc 8574149/8575682

PNB- CARMEN Elipe Bldg.Carmen, Cdoc | 8583158/ 8584203 PNB- LKK LKK Lapasan, Cdoc | 8564347/722872 PNB CDO– DIVISORIA Tiano Bros.Cruz Taal St., Cdoc 722861 /722816 PNB CDO– LAPASAN LKK Center Lapasan, Cdoc | 8564732 / 723992 PNB CDO– COGON LKK Center Lapasan, Cdoc 8571991/ 723992 PHILIPPINE POSTAL SAVINGS BANK, INC. bels_domingo@yahoo.com.ph Rizal Chavez Cdoc 8572194/725438 PS BANK Velez Corner A. Mabini St., Cdoc 8574183/725184 PHILIPPINE VETERANS BANK Tiano-Abejuela St. Cdoc 722644/8573386 QUEEN CITY DEVELOPMENT BANK, INC. Sacred Heart Mont. Cm RectoAve., Cdoc 8562390 RCBC- VELEZ Velez-Borja St. Cdoc | 8564982/8568888 RCBC- COGON Simplex Bldg. Osmeña St. Cdoc 8562888/725863/8521329 RCBC- LAPASAN Cm. Recto Lapasan HW. Cdoc 8561888/722449 RCBC- LKK Gateway, Tower 1 LkkCenter, Cdoc 8563707/722449 RCBC SAVINGS- CARMEN Walingwaling St.,Carmen St. Cdoc 8585793/ 8586248 RCBC SAVINGS- VELEZ Velez St. Cdoc | 729083/8562460 RCBC SAVINGS- AGORA 8807891/8807892 RURAL BANK OF CABADBARAN, Inc.

#58 Tiano FernandezSt.CDO 727215/ 8563552 *805

SECURITY BANK- OSMEÑA Osmeña St. Cdoc | 8563965/ 723411/728774 SECURITY BANK- LKK Limketkai | 8801258/8801625

EAST WEST BANK #5 Juan Sia Bldg. Apolinar Velez St.Cdoc 8578801/720081

SECURITY BANK- VELEZ Velez Montalvan St., Cdoc | 728334/856632

EAST WEST BANK Cogon De Oro Constraction Bldg. LKK Drive 8500339/8500331

STERLING BANK OF ASIA Tiano Velez St. CDO | 8528171/8528168

ENTERPRISE BANK INC. Centro Mariano Bldg Osmeña St. Cdoc 723869/ 3093395 FIRST CONSOLIDATED BANK CM Recto Ave., Cor.Agudo Road Cdoc 8565360/2316678 LBP – CAPISTRANO Capsitrano St. Cdoc | 8565515/727678 LBP – VELEZ LunaVelez St. | 723549/8563198 LBP – PUERTO Puerto Cdoc | 8558858 MAYBANK JR Borja Tiano Cor. Bldg. Cdoc 8574439/726060 METRO BANK- DIVISORIA Pabayo Abejuela St. Divisoria Park, Cdoc 724783/8576999 METRO BANK- VELEZ A. Velez St. Cdoc | 8561724/726054 METRO BANK- JR BORJA JR Borja St. Cdoc | 8572999/724415

UCPB BANK- LAPASAN Osmeña Corner Lkk Drive, Cdoc 85771842/ 725135 UCPB BANK- VELEZ Velez Corner C. Pacana St. CDO 8564474/8564527 UCPB BANK SAVINGS-CAPISTRANO

Capistrano Corner CruzTaal St. CDO 8524099/722695

UCPB BANK SAVINGS- OPOL Gf forever Books Bldg.Bulua National CDO 754519/8588063 UNION BANK Lapasan Cm.Recto Cdoc | 8566847/8563805 WEALTHBANK Velez Gomez St. Cdoc | 8568942/722174 1ST VALLEY BANK Vamenta Blvd. CornerLirio St. Carmen, Cdoc 8501871/ 8584146 OROBANKERS CLUB Inc. Pnb Carmen | 09151850242

6

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friday|november 18, 2016

Fortinet Reports Third Quarter 2016 Financial Results

• Revenue of $316.6 million, up 22% year over year • Billings of $347.5 million, up 16% year over year1 • GAAP diluted net income per share $0.04

• Non-GAAP diluted net income per share of $0.181 • Cash flow from operations of $76.1 million • Free cash flow of $70.2 million1

Fortinet® (NASDAQ: FTNT), a global leader in high performance cyber security solutions, today announced financial results for the third quarter ended September 30, 2016.

“While our third quarter results were impacted by a m o d e r ate d s p e n d i ng environment, extended sales cycles and sales execution challenges, we continued to outgrow the market, as well as add 9,000 new customers,” stated Ken Xie, founder, chairman and chief executive officer. “Fortinet remains in a position to benefit from key secular trends such as security vendor consolidation and next generation cloud architectures. We have a strong technology advantage and visionary roadmap in place to help us continue to grow our market position, address our large opportunity, and make progress towards achieving our long term margin targets.”

Financial Highlights for the Third Quarter of 2016 Revenue: Total revenue was $316.6 million for the third quarter of 2016, an increase of 22% compared to $260.1 million in the same quarter of 2015. Within total revenue, product revenue was $128.0 million, an increase of 7% compared to $119.7 million in the same quarter of 2015. Service revenue was $188.7 million, an increase of 34% compared to $140.3 million in the same quarter of 2015.

Billings1: Total billings were $347.5 million for the third quarter of 2016, an increase of 16% compared to $299.6 million in the same quarter of 2015.

Deferred Revenue: Total deferred revenue was $934.8 million as of September 30, 2016, an increase of 32% compared to $706.9 million in the same quarter of 2015.

Diluted Net Income Per Share: GAAP net income was $6.3 million for the third quarter of 2016, compared to GAAP net income of $8.2 million for the same quarter of 2015. GAAP diluted net income per share was $0.04 for the third quarter of 2016.

GAAP diluted net income per share was $0.05 in the third quarter of 2015.

Non-GAAP Net Income and Diluted Net Income Per Share1: Non-GAAP net income was $32.2 million for the third quarter of 2016, compared to non-GAAP net income of $24.1 million for the same quarter of 2015.

Non-GAAP diluted net income per share was $0.18 for the third quarter of 2016, compared to $0.14 in the same quarter of 2015.

1. A reconciliation of GAAP to non-GAAP financial and liquidity measures has been provided in the financial statement tables included in this press release. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures.”

2. During the third quarter of 2016, we repurchased $25.0 million of our common stock under our share repurchase program. During the third quarter of 2015, there were no shares repurchased under our share repurchase program.

Tot al deferred re venue increased by $30.8 million compared to $904.0 million as of June 30, 2016.

Cash2 and Cash Flow: As of September 30, 2016, cash, cash equivalents and investments were $1.27 billion, compared to $1.22 billion as of June 30, 2016.

In the third quarter of 2016, cash flow from operations was $76.1 million compared to $65.1 million in the same quarter of 2015. Free cash flow1 was $70.2 million during the third quarter of 2016 compared to $51.7 million in the same quarter of 2015.

GAAP Operating Income or Loss: GAAP operating income was $5.5 million for the third quarter of 2016, representing a GAAP operating margin of 2%.

GAAP operating loss was $1.8 million in the same quarter of 2015, representing a GAAP operating margin of -1%.

Non-GAAP Operating Income1: Non-GAAP operating income was $45.9 million for the third quarter of 2016, representing a nonGAAP operating margin of 15%. Non-GAAP operating income was $36.4 million in the same quarter of 2015, representing a non-GAAP operating margin of 14%.

GAAP Net Income and

• Cash, cash equivalents and investments of $1.27 billion2 • Deferred revenue of $934.8 million, up 32% year over year

Ryandoll, perhaps the only standup comedian who's based in CDO and a talent of DreamBoard Artists, dishes out his jokes during the weekly Higala Maglingaw-lingaw 'Ta last Sunday (November 13, 2016) at Limketkai Center. PHOTO BY Mark Doña Francisco

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7

Billboard

Make your kiddie birthday party the most fun and colorful yet Red Ribbon introduces the new Rainbow Dedication Cake

R

ed R i b b o n ’ s Ded ic at ion C a ke h a s a lw ay s b e en a part of every Filipino celebration. The ca kes’ chocolatey goodness and the specia l touch from the personalized message written on it never fails to tug at the heartstrings of the family. No wonder, it became a mainstay treat on occasions, especially during birthday parties.

This time, however, Red Ribbon adds a colorful twist to the delectable treat as it launches the new Red Ribbon Rainbow Dedication Cake.

“Red Ribbon Dedication

Cake is well-loved by both kids and moms alike. That i s w hy we c u r ate d t he ultimate kiddie birthday c a k e t h rou g h t he ne w Rainbow Dedication Cake,” said Ned Bandojo, Head of Marketing of Red Ribbon. “The colorful and chocolatey goodness inside and out will certainly make birthday celebrations even more memorable.”

The said cake is made up of colorful layers filled with luscious chocolate. It is also covered with rich chocolate icing and topped w it h chocolate rosettes, multi-colored confetti, and lollipops.

“Customers can also put their own heartfelt greeting on the cake because we know how important it is to let our kids know that we love them, especially on their birthday,” Bandojo added.

The Ribbon Rainbow Dedication Ca ke is now available in two sizes, 8x12 for only P550 and the 8x8 for only P350.00.

“Red Ribbon dedicates this cake to all the moms who want to give their kids the ultimate kiddie birthday treat because we believe that every celebration deserves to be f u n, color f u l a nd memorable,” he added.

The new Red R ibbon

Rainbow Dedication Cake is now available in all Red Ribbon stores nationwide for a limited time unti l November 30, 2016.

As one of the leading and fastest growing bakeshop chains in the country, the company is dedicated to

serving new and exciting f lavors of cakes, breads, and pastries that will make each moment with friends and loved ones sweeter.

To know more about Red Ribbon’s many delights, visit www.redribbonbakeshop. com.

and precision as one of the country’s most looked-up-to basketball players. In the end, the fresh-from-championship player conquered the battle.

“I was seriously challenged.

But the chances of bringing down one pro is close to even with 10 people or more,” Aguilar jokingly said.

Each battle represented t he M a c h 3’s w i n n i ng at t r ibute s - sha r pne ss , precision and the smoothest shave even after 10 shaves.

In fact, participants at the event were able to prove the Gillette Mach 3’s superior qualities by battling out the Mach 3 against a disposable razor through a sandpaper test.

Both razors are placed above the sandpaper pad.

The disposable razor tears the paper while the Gillette Mach 3 does not even scratch.

With Gillette Mach 3’s most advanced breakthrough fe a t u r e s - pr o g r e s s i ve car tridge, diamond-like coated blades, enhanced lubrastrip, and front pivot design; men would no longer suffer from post-shaving cuts and redness.

“Men today personify the Mach 3 and we can’t deny that our consumers now eye something that they can rely on in the long run,” said Lester Estrada, head of marketing of P&G. “Gillette gillette/PAGE 9

Gillette Mach 3: Still the champion in the battle of smoothness, precision, and Sharpness

Japeth Aguilar with 10 challengers.

Battle of Smoothness - Race Arcade.

The Gillette digital battles with funny YouTuber Wil Dasovich came to life and gave guys a chance to put their precision moves to the test.

Wil Dasovich kicked off the 10 vs 1 Battles online through a series of webisodes when he first tried his own Gillette Mach 3 and eventually challenged the likes of Erwan Heusaff, Kiefer Ravena, and Dominique Roque to the Sharpest Knife in the Kitchen battle, basketball precision and smoothest race battles respectively.

Japeth Aguilar challenged mall-goers to an intense 3 -poi nt shoot- out t hat showcased his st reng t h

Yasay to Pasig City officials: ‘Real partnership is recognition of differences’ Xavier University - Governance and Leadership Institute (XU-GLI) director Dr Dixon Yasay recently served as resource person for a half-day workshop on executivelegislative partnership for Pasig City officials and department heads who envision Pasig as the “Philippines’ Green City.”

Yasay emphasized that given the challenges in local politics and the political dynamics in every local government unit, “Genuine partnership is about the free flow of ideas and space for dialogue.”

He highlighted the value of suspending judgment in the process of dialogue. “Real partnership is not absence of disagreement, but a recognition and respect of differences,” he iterated.

Pasig City Mayor Robert Eusebio, Vice Mayor Iyo Bernardo, executive department heads, and city legislators actively participated in all workshop exercises.

Also present were former Mayor Maribel Andaya Eusebio and Representative Ricky Eusebio.

Participating officials were able to identify key areas for partnerships and establish their fundamental principles and philosophy for collaborations to ensure the efficient delivery of quality basic services. XU

8

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friday|november 18, 2016

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friday|november 18, 2016

Hospital... from page 2

for convenient access to the VMMC,” the secretary said.

He further said it is being implemented in partnership with 70 hospitals under DOH and 531 government hospitals under the local government units. At present, select private tertiary hospitals have also been designated.

Meanwhile, the overall budget of VHMCP has increased to P50 million in 2016 General Appropriations Act (GAA). For 2017, DND has proposed an additional amount of P20 million for a total P70 million for the program.

L orenzana a ls o s aid PVAO statistics says that as of October 2016, there are about 8,769 living World War II veterans with 45,676 living spouses; and there are 32,036 post World War II veterans with 52,286 living souses and an estimated 12,754 minor pensioners who are entitled to avail of hospitalization.

For the To t a l Administrative Disability (TAD) of PVAO, Lorenzana reported that a total of P4.773 billion fund was released on Sept. 13, 2016 for the veterans as directed by Pres. Duterte to cover the payable TAD arrears of 21,683 surviving widows of World War II veterans and 4,232 Armed Forces of the Philippines (AFP) retirees who are 80 years old and above.

As of e n d of S e p t .

2016, P2.247 billion was already remitted to 13,847 beneficiaries of deceased World War II veterans and 4,232 AFP retirees.

Lorenzana said members of the AFP who had served the AFP for at least six years or more, upon reaching age 65, are entitled to a monthly pension of P5,000. Those who reach age 70 and above receive an additional P1,700 as they are considered totally “administrative disabled.”

Their widows are entitled to the same benefits. Generals and enlisted men receive the same amount of monthly PVAO pension.

PLDT... from page 3

1 chief corporate services officer, tasked to manage corporate services related to corporate affairs and legal services, regulatory affairs and policies, supply chain management, property and facilities management, asset protection and risk m a n a g e m e nt , b u s i n e s s continuity and resilience, data privacy, and corporate communications and public affairs.

Liza Sichon, a global HR practitioner, is also appointed chief people and culture officer effective Dec. 1.

Also on Dec. 1, Carlo Ople, formerly managing partner and director of DM9-Digit will take over as enterprise, international, and carrier business digital marketing strategy head.

Effective Jan. 1, 2017, the post chief customer experience and analytics advisor is given to Ralph

B r u n n e r, a m a r k e t i n g strategist and customer experience expert who was previously SVP, Global Marketing Strategy, Advanced Data Analytics, and Chief Ma r k e t i n g O f f i c e r f or Metropolitan Life Insurance.

Brunner will take on the job of spearheading and synchronizing the business analytics functions and customer experience philosophy across PLDT. Other appointments that took effect earlier were Jerry Brace as chief information advisor, Keith Walter as IT transformation advisor of the business transformation office, Joseph Nelson Ladaban as PLDT Group corporatewide chief credit collection and churn management officer. Winston Damarillo also heads PLDT Capital, the holding company for their digital investments.

SSS...

from page 3

the administration of our pension program is being discussed,” he said.

SSS manages an investment portfolio valued at PHP470.14 billion as of last September. Government securities accounted for the largest share at 39 percent or PHP180.46 billion, followed by equities at 24 percent or PHP111.22 billion and member loans at 18 percent or PHP85.93 billion.

Apart from enhancing the fund’s long-term viability and b enef it le vels, SSS also aims to improve the automation of its procedures and other aspects of SSS operations to deliver better services to members. (PNA)

Agcopra... from page 4

followed suit. Following Keynesian economic principles, other nations started expanding their money supply in anticipation of facing uncertain fluctuation in currency values, the result of which was a depreciation of the US dollar and other currencies of industrialized nations. In effect, the stock market crashed in 1973-1974.

The “printing” of the fiat US dollar currency by the US Treasury results out of the control of the US dollar money supply by the US Federal Reserve. Even though established by the US Congress as operating arms of the US central banking system, the component twelve regional Federal Reserve banks are organized more like a private corporation with the capacity to issue shares of stock to its member banks. In terms of issues on “ownership” then, it comes out weird and muddled. In fact, it is in reality controlled by private banks owning stocks that pay a fixed 6% annual dividend from profits! You might venture a guess as to who were the original owners of these private banking institutions – the names of the few elite plutocratic collaborators invited to attend the clandestine Jekyll Island conference in 1910 would come to mind. Interestingly enough, Jekyll Island was a

private resort owned by the powerful banker J. P. Morgan.

So who really runs the US Federal Reserve today? Is it a public entity or one that is owned by private individuals?

This is a closely guarded secret, arising to questions that have been debated upon frequently over and over again. Officially though, in its website, it states that “the Federal Reserve System is not ‘owned’ by anyone.”

Furthermore, it claims that “although parts of the Federal Reserve System share some characteristics with privatesector entities, the Federal Reserve was established to serve the public interest.”

It is this particular issue of ownership of the Federal Reserve where “conspiracy theories” are ripe, especially that which concerns the supposed control of the Federal Reserve by influential families in the history of world finance such as the Rothschilds, and the so-called “New World Order.”

Hurst... from page 4

So why not make today the first day of your new life?

Sincerely ask Jesus to forgive you for your past wrongs, and to take full charge so He can start changing your life. Then with His power and help you can start living His way every day. Jesus will even take all the bad things from your past and start

mixing them together so that in the end they can actually benefit you. Then instead of being guilty and ruined by those things anymore, you’ll thank God for forgiving you and using those lessons to change you into a much better, happier person. Just Think a Minute …

Peso... from page 5

Volume of trade reached $600.9 million, lower than Monday’s $661.85 million.

Tr a d e r s e x p e c t t h e c ur renc y p air to t rade between P49.10 and P49.30 Wednesday.

Meanwhile, there were mixed results in the equities market but the PSEi shed 0.21 percent, or 14.33 points, to 6,857.15 points.

The All Shares followed with a loss of 0.18 percent, or 7.59 points, to 4,163.33 points.

There was a balance in terms of losers and gainers among the sectoral indices.

Mining and Oil increased 0.62 percent, followed by the Financials with 0.52 percent, and Property with 0.002 percent.

On the other hand, the Industrial, Ser vices and Holding Firms lost 1.51 percent, 0.76 percent and 0.004 percent, respectively.

Volume of trade reached 786.8 million shares amounting to P7.7 billion.

Decliners led advancers

at 112 to 72 while 42 stocks were unchanged.

Client...

from page 5 “We’re usi ng on li ne distribution to get access to the whole Philippine market.

Small businesses have huge opportunity, but they’re not able to take advantage of these opportunities because of the lack of financial resources,” Lynch said.

He als o bared t he company’s plan to expand overseas.

“Ne x t s t op i s m o s t likely Indonesia, and then we think Vietnam is also a very interesting (market),” he added. (PNA)

Gillette... from page 7

Mach 3 is one to be reckoned with as it overpowers 10 disposable razors.”

Aside from the exciting 3-point basketball shootout, bat t les such as t he Ho o p s B a t t l e , t h e C a r Race Challenge, and the Battle of Razors were also featured during the event.

M a ny have won a nd many have lost, but t he Gillette Mach 3: 10 vs 1

9

Battles only exhibited that men love challenges and do not back down easily because they are innately driven to become the best.

The event was hosted

by Joyce Pring a nd was he ld at E a s t wo o d M a l l Atrium last November 6.

And now that scores are settled and true champions have emerged, Gillette is ask i ng what bat t les a re you going and preparing for next.

About Procter & Gamble P&G serves consumers around the world with one of the strongest portfolios of trusted, quality, leadership brands, including Always®, AmbiPur®, Ariel®, Bounty®, Charmin®, Crest®, Dawn®, Downy®, Fairy®,Febreze®, G a i n®, G i l l e t t e®, H e a d & S hou ld e r s®, Joy ®, Lenor®, Olay ®, Ora l- B®, Pa mp e r s®, Pa nt e ne®, Safeguard®, SK-II®, Tide®, V i c k s®, a n d W h i s p e r ®.

T he P& G c om mu n it y i nc lu d e s op e r at ion s i n approximately 70 countries worldw ide . Ple a s e v i sit http://www.pg.com for the latest news and information about P&G and its brands.

VISIT OUR WEB PORTAL

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friday|november 18, 2016

11

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friday|november 18, 2016

Plant... from page 1

region and hopefully drive the much needed economic development in Mindanao,” Pangilinan said.

The company said the certificate was awarded by the regulator after the G ot i anun-le d comp any complied with financial, technical and environmental requirements. The CoC covers the first two of the company’s three identical units of 135-megawatt (MW) circulating fluidized bed thermal plant.

The plant was launched on Sept. 22 which is said to be the first commissioned under the Duterte administration.

It consists of three generating unit of 135-MW each. It is owned and operated by FDC Misamis, a subsidiary of FDC Utilities, Inc. and a member of the Filinvest Development Corp. (FDC).

Under ERC guidelines, generation companies are required to secure a CoC before they can start their commercial run.

FDC said the certificate for the third unit is expected to be secured as soon as testing and commissioning have been completed. “It has undergone provisional acceptance and is operational,” it added.

FDC Misamis’ generating plants have been supplying power to customers and other energy players at discounted rates since the start of its testing.

The company said l o n g - t e r m c o nt r a c t u a l commitments have been secured for more than 85% of the plant’s net capacity with 18 distribution utilities and industrial customers in Mindanao. It claims to use the latest in “clean coal” technology -- the circulating fluidized bed. The technology is also known to have a higher

steam generator efficiency, thus lowering carbon emissions.

The Gotianun’s FDC also has interests in property development, banking and financial services, hotel and resort management, power generation and the sugar industry.

Pledges... from page 1

what we can to support the government’s initiatives since that Mindanao generally is gonna get a lot more attention from government here, and it’s a good time to step up and be even stronger partner in development process because we genuinely committed to addressing poverty levels and helping stabilize the region,” he said.

Strachan said they are involved in the project of the Food and Agriculture Organizat ion in Nor t h Cotabato that supports the reintegration of former combatants to the workforce and provides livelihood for the people.

He said this project will support 10,000 households or roughly 52,000 people, and at least 15 barangays in five municipalities of North Catabato.

“This aims to reestablish agriculture and fisheries by these livelihoods and prove resilience for future disasters and strengthen food security,” he said.

A similar program that supports 20,000 households is being implemented in Maguindanao, he said.

Aside from the support to agriculture and the peace process, he said they are also assisting two barangays in Agusan del Sur for the integration of school disaster risk reduction plans to disaster-prone communities.

“Under this project, we’ve trained almost 4,000 students

in disaster risk reduction awareness, preparedness, and risk assessment,” he said.

He said that they hope to contribute toward the normalization of the conflictaffected areas in Mindanao.

Stratchan added they are supporting the dairy farm project of the National Dairy Authority in Cagayan de Oro City by providing cows and sharing New Zealand’s dairy technology and expertise.

He said they are also supporting the program of t he US D ep ar t ment of Agriculture-funded Agricultural Cooperative Development InternationalVolunteers in O verseas Cooperative Assistance that helps the indigenous peoples develop productive coffee farms.

He said the farm in Cagayan de Oro is one of the 21 focused farms they are helping throughout the countr y, along with supporting the Misamis Oriental State College of Agriculture and Technology in terms of curriculum development and training of dairy farmers.

“Although many New Zealand companies have been actively doing business in Mindanao, we are very excited and still consider Mindanao as an uncharted market with massive potential for more business opportunities,” said NZ Trade Commissioner Hernando Banal II. The Filipino population in New Zealand has grown in recent years to around 50,000 or around one percent of the population.

The press briefer added that tourist arrivals between both countries have also

increased. Last year, around 24,000 New Z ealanders traveled to the Philippines and more than 17,000 Filipinos visited New Zealand.

“Filipinos are valued members of the New Zealand.

Kiwis appreciate their warm spirit and work ethic. With the availability of Philippine Airline flights from Manila to Auckland, I am optimistic the steady exchange of people will continue to increase,” said Strachan.

Banal said several New Zealand businesses have interests in Mindanao.

He cited Alliance Select which imports New Zealand salmon for smoking in Asia’s newest and most modern salmon and seafood processing and smoking facility in General Santos City.

Scheme...

Farming...

poorest municipalities in the country are identified so the government could focus on them.

Under the Assistance to Disadvantaged Municipalities or ADM program, all LGUs are now covered regardless of their level of income.

For this, the DILG offices in Regions 9 and 10 jointly or iente d ne w ly-ele c te d mayors and their municipal engineers, municipal planning and development coordinators and municipal accountants on the new program.

“We only include those local chief executives who are newly elected because they are not familiar yet to the program. For the reelected officials, they are more or less familiar already with the

Thursday.

S amuel C . Nat i nd i m Jr. , f o c a l p e r s o n o f the initiative of the Department of Agriculture (DA) in the region, said that the program aimed to encourage farmers to engage in organic farming.

According to Natindim, t h e DA h a s b e g a n t h e practice of organic farming involving 3,248 he c t ares of l and in t he region, which represent 8.71 percent of the total agricultural area in Northern Mindanao.

He s a i d t h a t o f t h e 3,248 hectares, 2,684 hectares of land were in L a n a o D e l No r t e , n o w planted with organic

from page 1

Republic of the Philippines REGIONAL TRIAL COURT OF LANAO DEL NORTE 12th Judicial Region OFFICE OF THE CLERK OF COURT EX-OFFICIO SHERIFF Tubod, Lanao Del Norte NOTICE OF EXTRA-JUDICIAL SALE EJF No.: 207-07-2016 Upon the Extra Judicial Petition for Sale under Act 3135/1508, as amended, filed by the 1st VALLEY BANK, A DEVELOPMENT BANK, Baroy, Lanao del Norte against LOVE VELLA S. FALCUNIT, Poblacion Bacolod, Lanao del Norte, to satisfy the indebtedness which as of August 18, 2016 amounting to TWO HUNDRED THOUSAND PESOS (Php 200,000,000.00) excluding penalties, changes, attorney’s fee and expenses of foreclosure, the undersigned or his duly authorized deputy will sell at Public Auction on 20th day of December 2016 at 10:00 AM or soon thereafter at the Regional Trial Court, Branch 07, Provincial Capitol of Lanao del Norte,Pigcarangan, Tubod, Lanao del Norte, to the highest bidder for cash or manager’s check and in Philippine Currency, the following property with all its improvements, to wit: LIST OF MORTGAGED PROPERTIES OCT No. 14,800 Lot No. 2520-C, Csd-12-006619-D A parcel of Agricultural land situated at Caniogan, Tubod, Lanao del Norte with an area of (36,223) square meters more or less. Bounded on the N. W., along line 1-2 by Lot 2520-B, Csd-12-00-6619-D., and on the N.E., along line 2-3 by Lot 2519, Pls-13., and on the S.E., along line 3-4 by Lot 2520-D, Csd-12-006619-D., and on the S.W., along line 4-1 by Lot 2520-E. Csd-12-006619-D (Alley Re ad). Together with all the improvements found thereon. ‘’All sealed bids must be submitted to the undersigned on the above stated time and date.

In the event that the Public Auction cannot take place on the said date, it shall be held on September 28, 2016 without further notice.

Tubod, Lanao del Norte, Philippines, this November 10, 2016.

For the Clerk of Court and Ex-Officio Sheriff

(Sgd.) CONRADO V. HINGCO, JR. Sheriff IV

BWM: Nov. 18, 25 & Dec. 2, 2016

past bottoms-up budgeting approach,” DILG 10 director Arnel M. Agabe said.

The government’s initial focus for the ADM program is the so-called Salintubig project, an integrated water system approach meant for municipalities which lack access to safe drinking water.

Mr. Agabe said that the Sagana at Ligtas na Tubig sa Lahat (Salintubig) program will be a priority in the Philippine Development Plan 2017-2022. Other aspects of the long-term plan are yet to be drafted by LGUs nationwide.

There are a total of 455 municipalities nationwide which are Salintubig recipients, 27 of thes e are located in Northern Mindanao and 18 are in Zamboanga Region.

from page 1

crops like rice, vegetables, cacao, cassava, corn, and banana.

Natindim said that t he d e vel opme nt w as a significant departure from last year’s statistics, which tallied zero pro duction in organic farming until S eptember 2015.

He said that the NOAP is anchored on Republic Act 10068 or the Organic Agriculture Act. (PNA)

CeBIT... from page 12

will provide insight into the future trends of cybercrime and how businesses can protect themselves.

Wit h t he Aust r a l i an Government recently releasing the long awaited Cyber Security Strategy in April 2016, which provided strong direction and legislation together with $254 million in funding to improve defences of government, industr y and individuals; this is an extremely hot topic for both the public and private sector.

Over three days, CeBIT Australia will offer opportunities to hear from the world’s elite, and the ability to connec t wit h thousands of visitors from Australia’s top companies as well as over 350 exhibitors and 100 disruptive start-up innovators.

CeBIT Australia, 23 – 25 May 2017 will be held for the first time at the International Convention C entre Sydney, Darling Harbour. www.cebit.com. au

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Coldplay Announce Asian Tour for April 2017 C

oldplay h a v e today announced a run of Asian s t a d iu m s h ow s f or t h e acclaimed A Head Full Of Dreams Tour, including t h e b a n d ’s f i r s t e v e r concerts in Taiwan, the Phi lippines, and S out h Korea (they last played Japan in 2014 and Singapore in 2009).

Band to play stadium shows in five countries

Sat Apr 01 - National Stadium, Singapore, SINGAPORE Tue Apr 04 - MOA Concert Grounds, Manila, PHILIPPINES Wed Apr 12 - Taoyuan HSR, Taipei, TAIWAN Sat Apr 15 - Olympic Stadium, Seoul, KOREA Wed Apr 19 - Tokyo Dome, Tokyo, JAPAN

Tickets for the Asian dates go on sale on 17 Nov (Seoul), 18 Nov (Singapore, Tokyo) and 24 Nov (Manila, Taipei).

Since March of this year, the A Head Full Of Dreams Tour has played to 2.5 million people across Latin America, the US and Europe. The show was created by the band alongside celebrated

production designers Misty Buckley and Paul Nor mand a le. The tour reaches Australia and New Zealand in December.

A Head Full Of Dreams has sold more than 5 million copies since its December 2015 release, spawning the hit singles Adventure Of A Lifetime, Hymn For The Weekend and Up&Up, with more than a billion YouTube video views between them.

Coldplay’s “A Head Full of Dreams World Tour” in Manila is presented by Globe --- the #1 mobile brand in the country today and the preferred digital brand of the Filipinos. Globe customers get first dibs on

an exclusive pre-sale on November 20, 2016 at all SM Tickets outlets. To join the pre-sale, fans just have to text GLOBECOLDPLAY <ticket type> to 2363 on November 18 starting at 9:00 AM. Customers will receive a reservation code which they need to present to purchase the tickets at any SM Tickets branch on November 20. For details on the exclusive pre-sale, visit www.globe.com.ph/ GlobeColdplay.

Follow Globe’s official Facebook page or @ enjoyGlobe on Twitter and Instagram for more updates.

As the official pre-sale credit card for “A Head Full

of Dreams World Tour”, Citi® card customers will have access to purchase pre-sale tickets beginning November 21-22.

Coldplay’s “A Head Full of Dreams World Tour” is produced by Live Nation and is promoted by MMI Live.

Tickets to Coldplay’s “A Head Full of Dreams World Tour” in Manila will go on sale on November 24, Thursday at 10 A.M. through SM tickets outlets, smtickets.com or call 470-2222.

For more info, v i sit mmilive.com or follow @ MMILive (on Instagram, Facebook and Twitter).

For more information, please visit Coldplay.com.

Cybersecurity visionary Eugene Kaspersky announced for CeBIT 2017 Eugene Kaspersky, Chairman and CEO of global security vendor Kaspersky Lab, and world-leading cybersecurity expert will present at CeBIT Australia, 23 – 25 May 2017, the first of six keynote speakers to be announced.

Mr Kaspersky co-founded Kaspersky Lab in 1997, an entity which today has one of the most comprehensive antivirus databases in the world, protecting systems from more than 100 million malicious programs and defending organisations from over 300,000 cyber-attacks globally each day.

Recognised as one of the world’s foremost authorities on cyber security, Mr Kaspersky is coming from Russia to visit Australia to speak at CeBIT, the largest business technology event in the AsiaPacific region.

Commenting on his upcoming presentation, Mr Kaspersky said: “With cybersecurity one of the primary threats to businesses in the 21st century, I’m thrilled to be able to share my insights on the current and future state of cybersecurity at CeBIT Australia in 2017.

“Cyberthreats to business, government and individuals continue to evolve, and it’s imperative Australian businesses are prepared in the face of the growing threat of cybercrime. As digital hyperconnectivity continues to grow and usher the Internet of Things into the mainstream, it’s important organisations

are equipped for all possible scenarios.”

CERT Australia reported in 201516, the national computer emergency response team responded to 14,804 cybersecurity incidents involving Australian businesses, including 408 that targeted critical infrastructure systems of national importance. Mr Kaspersky cebit/PAGE 11

Eugene Kaspersky, Chairman and CEO of Kaspersky Lab will speak at CeBIT 2017